The Journal of Real Estate Finance and Economics

The Journal of Real Estate Finance and Economics OnlineFirst articles

16-06-2022

Time on Market and the Cash Discount for Condos

We investigate whether the cash discount for condos is affected by time on market (TOM). Theoretically and empirically, we show that the cash discount has two components: First, condos purchased with cash sell at a discount compared to …

16-06-2022

Sustainability and Private Equity Real Estate Returns

This paper explores private equity real estate fund performance and voluntary environmental, social, and governance (ESG) disclosures. Using data from the National Council of Real Estate Investment Fiduciaries (NCREIF), it examines the …

15-06-2022

The Aggregate and Distributional Impacts of Residence Policy Relaxation

Government often designs strict policy to control the conversion rate from temporary to permanent residents. The residence status may directly affect individuals’ migration decisions and housing tenure choices. We present a dynamic spatial …

Open Access 11-06-2022

The Volatility of Housing Prices: Do Different Types of Financial Intermediaries Affect Housing Market Cycles Differently?

Housing markets display several correlations to multiple economic sectors of an economy. Their enormous impact on economies’ health, wealth, and stability is uncontroversial. Interestingly, the forms of financing residential property vary widely …

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10-06-2022

How do Non-Core Allocations Affect the Risk and Returns of Private Real Estate Funds?

This paper documents that funds with greater non-core allocations have higher market risk exposure, β, but lower returns. Additionally, it documents that one reason their returns are lower is because they poorly time their investment into these …